GRT Lawyers has advised Canopy Tools Group Pty Ltd, CT4 Pty Ltd, and NewBase Computer Services Pty Ltd on the sale of their Arado cloud and managed services business to security and cloud service specialist Sovereign Cloud Holdings Limited, which trades as AUCloud (ASX:SOV) for a total purchase price of $7 million, comprising $3.325 million of cash consideration, $3.5m worth of consideration shares and deferred cash consideration of $175,000.
The sale follows the completion in late 2023 of the sale of the Cirrus business by the Canopy Tools Group to Veeam, in which GRT Lawyers also acted.
Melbourne-based Arado offers cloud and managed services and has a strong presence in Queensland, with its base including state and local government agencies as well as enterprises across the agriculture, industrial, health and resources sectors. Completion of the sale is expected to occur on 30 April 2024 and is subject to customary conditions precedent.
The GRT team was led by Director Scott Standen with support from Senior Corporate Advisor Alana Nisbet and Lawyer Ondrej Migac.
Glenn Vassallo (Managing Director), Scott Standen (Director) and Ashley Hill (Director) can assist you with any queries in relation to your corporate legal requirements.